Iran’s currency, the rial, has plunged to another record low in the face of US-imposed sanctions on the nation’s economy.
The Iranian rial was worth 42,000 rial against $1 USD in April and since has significantly dropped to a rate of 111,500 rial against $1 USD on Sunday.
The rial has lost about half of its value since April because of a weak economy, financial difficulties at local banks and heavy demand for dollars among Iranians who fear the effects of sanctions.